Amendment status not verified — confirm the current text below against the official source.

(1) The Development Bank shall in each year hold, in addition to any other meetings, a general meeting as its annual general meeting and shall specify the meeting as such in the notices calling it; and not more than fifteen months shall elapse between the date of one annual general meeting and that of the next: Provided that the Development Bank may hold the first annual general meeting within a period of six months from the date on which it allots shares for the first time to public for subscription: Provided further that the Central Government may extend the time within which any annual general meeting shall be held by a period not exceeding three months. (2) Every annual general meeting shall be called for a time during business hours, on a day that is not a public holiday, and shall be held either at head office or at some other place within the city or town in which the head office is situate. Explanation.-- For the purposes of this section, "public holiday" means a public holiday within the meaning of the Negotiable Instruments Act, 1881 (26 of 1981): Provided that no Sunday shall be deemed to be such a holiday in relation to any meeting: Provided further that no day declared by the Central Government to be a public holiday shall be deemed to be such a holiday, in relation to any meeting, unless the declaration was notified before the issue of the notice convening such meeting. Section 13F ins. by Act 5 of 1995, sec. 15 (w.r.e.f. 12/10/1994).